Currency snapshot (commodity pairs)

Dollar index trading at 96.90 (+0.30%)

Strength meter (today so far) - Aussie -0.75%, Kiwi -1.49%, Loonie -0.49%

Strength meter (since last week) - Aussie -0.20%, Kiwi -0.89%, Loonie -0.30%

AUD/USD -

Trading at 0.709

Trend meter -

• Long term - Sell, Medium term - Sell, Short term - Range/Buy

Support -

• Long term - 0.63, Medium term - 0.68, Short term - 0.703

Resistance -

• Long term - 0.75, Medium term - 0.738, Short term - 0.733

Economic release today -

• Westpac leading index will be released at 23:30 GMT.

Commentary -                                                                               

• Aussie is down as risk aversion returned in the market.

NZD/USD -

Trading at 0.656

Trend meter -

• Long term - Sell, Medium term - Range, Short term - Range/Buy

Support -

• Long term - 0.56, Medium term - 0.62, Short term - 0.643

Resistance -

• Long term - 0.7, Medium term - 0.69, Short term - 0.69

Economic release today -

• RBNZ inflation expectations dropped to lowest on record to 1.09% one year ahead and to lowest since 1994 to 1.63%.
• Dairy prices dropped 2.8% in today's auction.

Commentary -

• Kiwi is worst performer today as data points to worsening outlook.

USD/CAD -

Trading at 1.389

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range

Support -

• Long term - 1.285, Medium term - 1.385, Short term - 1.395,

Resistance -

• Long term - 1.5, Medium term - 1.45, Short term - 1.42

Economic release today -

• Manufacturing shipments rose 1.2% in December.

Commentary -                                                                                         

• Canadian Dollar gave up gains as oil price dropped sharply.